Topic: Cryptopia exchange hacked - page 2. (Read 4052 times)

The thing is that we i) lost probably for good our funds (no matter their value) and ii) we will never see anyone to take the blame for it.
Every time the same thing. The clients pay for the incopetence of the exchangers...

Cryptopia owners are fully responsible as long as this plays out...
Hiring an accountant does not relieve you of your responsibility for criminal conduct.

These clowns and their Twitter Apologists (you know who you are)...
Are floating ludicrous defenses like running a multi-million $$$ international exchange is a "hobby"... trololo 

Countdown to Cryptopia owners faking their own deaths... 3-2-1...
In crypto, everyone will eventually have to fake their own death 

It is already in liquidation.
Cryptopia has no more its hands on the thing.
Yes the liquidator has the rights...
Thats the way how things are. If you send money to an exchange its no more your money.
Yes the company owns you something, but if the company is  bancrupt, your funds have gone up in smoke...
Same if you buy a car and pay in advance...or if you order something in an internetshop, pay and the shop turns into bancrupsy.
Yes he has. Its not everybodys money, its money that belongs to cryptopia.
With cryptopias money all will be paid, but we users are quite behind in the queue.
After us are only the shareholders, they wont see anything for sure.
(I guess they took all before already ;-) )

I am almost sure, cryptopia broke the law before getting bancrupt.

10%?? i dont think these liquidators has the right to take everyone's money and pay for cryptopia debt. This thing should been done internally instead of this scenario.

If only they open 100% 1 month after they been hack they should been back in business in no time. but they choose to neglect everything and ignore their customers. So its only expected that trust is loss and their business is loss. Now all their customers will pay the price of their incompetence.

No.

Our funds dont belong to us only because the website showed that amount in our accounts.
If you send coins to an exchange, this coins dont belong to you any more.
Who guaranties that our accounts amounts were ever existent in real coins?
All existing coins will probably be sold.
The Haircutcoin is without value, so it cant be sold.

Then the liquidators salary and costs will be paid(huge).
Then taxes will be paid.
Then bills will be paid.
Staffs salaries will be paid.
Whats eventually left will be distributed among us.
Its by mathematics impossible to get a full refund.


The reason why they closed is NOT because users sent coins to old, hacked addresses.
This is was no loss for cryptopia.
The damage from the hack was already socialised, so also there no loss for cryptopia.
They never promised that they will repay the users losses.
Either they did not hold the coins that they should hold,
and/or they did not have the knowledge and ability to admin the site.
As far as I know the ownership of cryptopia changed shortly before the hack.
Even before the hack, the site was sometimes poor managed,
but afterwards maybe total amateurs and/or reckless scammers were in office.

Dont expect more than maybe 10% getting back after years, if ever.

They were actually planning to buy back these CLM tokens using the fee from trading. Now that the exchange has closed down, we can't expect them to go ahead with this plan. Those users who had BTC, ETH and other altcoins in Cryptolia wallets can expect a full or partial refund. But the problem is that it can take at least a few years.

Meanwhile I heard some rumors regarding why they closed down. This is just an unconfirmed rumor. From what I heard, some of the users had deposited ETH and altcoins to the old wallets (even after Cryptopia warned them not to do so). By the second week of May, the exchange staff noticed that the hackers had once again stolen the ETH from the old wallets. This proved to be the last nail in the coffin and the promoters gave up and closed down the exchange.

Well CLM supposed to be valued at 1NZD but at this rate i don't think the liquidators will include those CLM holders for the refund. The main question arise right now is what will happen to those coins that only being traded on cryptopia. They should be refunded in their own coins instead of sharing the pot of the coins with liquidity in other exchange.

So it looks like the CLM tokens are useless and will never have any value,
hopefully not and when we supposedly come to getting refunded we get something out for our losses,
that were made at less than 1/2 the value today or close.

Its all abit sketchy

Let's see:

(1)  There was a "hack" months ago for which there is no reliable information.

(2)  In response to the allegded "hack" which was almost certainly an inside job...
Cryptopia owners seized all Customer assets...
Cryptopia owners commingled all Customer assets...
Cryptopia owners hid behind a "police investigation" that was out of it's depth in highly specialized crypto...
Cryptopia owners applied arbitrary "haircuts" to various commingled Customer assets...
Cryptopia owners bought months of time by floating various schemes to "reopen" but never did...
Cryptopia owners waited out a 100% pump in Bitcoin before hiding behind an Accounting Firm...
Cryptopia owners have now permanently seized all Customer assets by making a "liquidation" impossible...
Grant Thornton is not gonna get > 100 blockchains synched for transfers ever.

(3) This behavior is in line with the way Cryptopia has fucked over developers and projects repeatedly...
See raiblocks, safex, and many others.

(4)  Putting "we can defraud you" in your Terms of Service does not give one the right to commit fraud.

(5)  That's why the USA is the "policeman of the world"...
1000s of US citizens have been defrauded by both Cryptopia and Quadriga...
And until those responsible are extradited to Lower Manhattan... they can just keep bullshitting 

Cryptopia is gone, we hear about the procedure of liquidation then why they opened up new deposits. To be honest, this declaration shock the traders. Its not a professional move at any sense just locked down everything.

People believed that Cryptopia management could return the exchange business to profitability. But now we hear about the process of liquidation, it's a bad sign, I feel like everything is going wrong.

Its almost sure it will not be reopened.
Liquidation means, the coins that cryptopia really hold(not what is shown from db in our accounts) will be sold.
Then the liquidator, the taxes and all bills will be paid.
If anything remains-and that wont be much if any, we will be paid out from that percentually.
So dont expect you may click on withdraw again at cryptopia.

Cryptopia has gone into statutory management with a liquidator having been appointed.

It is not likely that they will reopen while it is potentially still possible.

I think the most likely scenario is that the liquidator will allow the eventual withdrawal of some funds once liquidity is established.

Never.
Cryptopia is dead

How is the Cryptopia hack situation progressing? I can see that it is stil not possible to withdraw altcoins from Cryptopia. When will this be enabled?

Appointment of liquidators shows the situation is not good but it also does not mean that it necessarily over.

Liquidators have special powers under New Zealand law - investigative, ability to compel creditors and shareholders to accept a resolution, restructure and cancel contracts like a lease.
http://www.lawsociety.org.nz/lawtalk/lawtalk-archives/issue-880/an-introduction-to-liquidations

They also have the power to continue trading if it is the best solution forward.

I'm disappointed but not surprised that they have taken this course of action. They did not have a lot of options after such a heist. I feel sorry for the small coins that only trade on there and people who hold balances of such coins.

The person or persons responsible for the theft didn't just steal the funds. They stole the livelihood of their staff, the potential of some of the coins, the value from the shareholders and CEFs holders and hurt a lot of the exchange users.

you are definitely a lucky one!
if I know this will happen, I would trade my altcoins for btc and withdraw (procrastination is bad)
do you guys think this is all planned or the sudden bitcoin price increase forces them to liquidate?

would this mean we have to do KYC procedure to claim our coins?

Their actions are suspicious in nature and a police should start their criminal investigation if some from NZ file a report against them.

Why they keep securing wallets in the first place if they have plans in closing their doors. Too many question left unanswered and their discord mod wasn't helping at all. All moderators already keep their distance and all those mods that defended Cryptopia are gone.

Not lost per se, but the company is entering liquidation proceedings. If you have a balance on Cryptopia, you will need to make a claim with the liquidators or trustee in the coming weeks or months. Then you'll wait in line with all of Cryptopia's other creditors who are hoping to get a fraction of their money back.

This could be a long, drawn-out process. It could end up taking years, like the Mt. Gox bankruptcy.

LOL... one day after I openly accuse them of fraud...
These weasels shut down and hide behind an Big Accounting Firm...
So their super brilliant Pseudo Exit Strategy was not fooling anyone...
Any criminal investigation should focus directly on Cryptopia owner INTENT and ACTIONS... both hack and post-hack.